All 6,200 employees receive a flex fund worth 1% of salary, which they can use to buy additional benefits. New options offered through the plan include a bikes-for-work scheme, AA breakdown cover and a Gourmet Society dining card, in addition to existing benefits, such as dental insurance, life insurance and critical illness cover.
Employees can also select to pay their 1% of salary into their defined contribution pension plan, or take it as cash.
Wolseley UK’s relaunch of flex is already paying off, with 25% of employees logging on to the system when the new benefits were introduced, and 140 of them selecting the bikes-for-work option.
Neil McCawley, head of reward, benefits and policy at Wolseley, says: “Our benefit scheme is part of our HR and reward strategy and recognises the individuality of our employees and the fact they may require different benefits, depending on their circumstances.”
